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Sun.King Technology Group's (HKG:580) Sluggish Earnings Might Be Just The Beginning Of Its Problems
Sun.King Technology Group's (HKG:580) Sluggish Earnings Might Be Just The Beginning Of Its Problems
The subdued market reaction suggests that Sun.King Technology Group Limited's (HKG:580) recent earnings didn't contain any surprises. We think that investors are worried about some weaknesses underlying the earnings.
Check out our latest analysis for Sun.King Technology Group
SEHK:580 Earnings and Revenue History April 27th 2022A Closer Look At Sun.King Technology Group's Earnings
As finance nerds would already know, the accrual ratio from cashflow is a key measure for assessing how well a company's free cash flow (FCF) matches its profit. The accrual ratio subtracts the FCF from the profit for a given period, and divides the result by the average operating assets of the company over that time. This ratio tells us how much of a company's profit is not backed by free cashflow.
As a result, a negative accrual ratio is a positive for the company, and a positive accrual ratio is a negative. While it's not a problem to have a positive accrual ratio, indicating a certain level of non-cash profits, a high accrual ratio is arguably a bad thing, because it indicates paper profits are not matched by cash flow. Notably, there is some academic evidence that suggests that a high accrual ratio is a bad sign for near-term profits, generally speaking.
Sun.King Technology Group has an accrual ratio of -0.11 for the year to December 2021. That indicates that its free cash flow was a fair bit more than its statutory profit. Indeed, in the last twelve months it reported free cash flow of CN¥167m, well over the CN¥15.5m it reported in profit. Given that Sun.King Technology Group had negative free cash flow in the prior corresponding period, the trailing twelve month resul of CN¥167m would seem to be a step in the right direction. However, that's not all there is to consider. The accrual ratio is reflecting the impact of unusual items on statutory profit, at least in part.
Note: we always recommend investors check balance sheet strength. Click here to be taken to our balance sheet analysis of Sun.King Technology Group.
How Do Unusual Items Influence Profit?
Surprisingly, given Sun.King Technology Group's accrual ratio implied strong cash conversion, its paper profit was actually boosted by CN¥5.3m in unusual items. While we like to see profit increases, we tend to be a little more cautious when unusual items have made a big contribution. We ran the numbers on most publicly listed companies worldwide, and it's very common for unusual items to be once-off in nature. Which is hardly surprising, given the name. Assuming those unusual items don't show up again in the current year, we'd thus expect profit to be weaker next year (in the absence of business growth, that is).
Our Take On Sun.King Technology Group's Profit Performance
In conclusion, Sun.King Technology Group's accrual ratio suggests its statutory earnings are of good quality, but on the other hand the profits were boosted by unusual items. Based on these factors, we think it's very unlikely that Sun.King Technology Group's statutory profits make it seem much weaker than it is. If you want to do dive deeper into Sun.King Technology Group, you'd also look into what risks it is currently facing. For example, we've found that Sun.King Technology Group has 3 warning signs (1 can't be ignored!) that deserve your attention before going any further with your analysis.
In this article we've looked at a number of factors that can impair the utility of profit numbers, as a guide to a business. But there is always more to discover if you are capable of focussing your mind on minutiae. Some people consider a high return on equity to be a good sign of a quality business. So you may wish to see this free collection of companies boasting high return on equity, or this list of stocks that insiders are buying.
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.
This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
The subdued market reaction suggests that Sun.King Technology Group Limited's (HKG:580) recent earnings didn't contain any surprises. We think that investors are worried about some weaknesses underlying the earnings.
低迷的市场反应表明Sun.King科技集团有限公司(HKG:580)最近的收益不包含任何意外。我们认为,投资者担心的是盈利背后的一些弱点。
Check out our latest analysis for Sun.King Technology Group
查看我们对Sun.King科技集团的最新分析
A Closer Look At Sun.King Technology Group's Earnings
仔细看看Sun.King科技集团的收益
As finance nerds would already know, the accrual ratio from cashflow is a key measure for assessing how well a company's free cash flow (FCF) matches its profit. The accrual ratio subtracts the FCF from the profit for a given period, and divides the result by the average operating assets of the company over that time. This ratio tells us how much of a company's profit is not backed by free cashflow.
正如金融书呆子们已经知道的那样,现金流应计比率是评估一家公司的自由现金流(FCF)与利润匹配程度的关键指标。应计制比率从给定期间的利润中减去FCF,然后将结果除以该时间段内公司的平均运营资产。这个比率告诉我们,一家公司的利润中有多少不是由自由现金流支持的。
As a result, a negative accrual ratio is a positive for the company, and a positive accrual ratio is a negative. While it's not a problem to have a positive accrual ratio, indicating a certain level of non-cash profits, a high accrual ratio is arguably a bad thing, because it indicates paper profits are not matched by cash flow. Notably, there is some academic evidence that suggests that a high accrual ratio is a bad sign for near-term profits, generally speaking.
因此,负的应计比率对公司是积极的,而正的应计比率是负的。虽然应计比率为正并不是问题,这表明非现金利润达到了一定的水平,但高的应计比率可以说是一件坏事,因为它表明账面利润与现金流不匹配。值得注意的是,有一些学术证据表明,一般来说,高应计比率对短期利润来说不是一个好兆头。
Sun.King Technology Group has an accrual ratio of -0.11 for the year to December 2021. That indicates that its free cash flow was a fair bit more than its statutory profit. Indeed, in the last twelve months it reported free cash flow of CN¥167m, well over the CN¥15.5m it reported in profit. Given that Sun.King Technology Group had negative free cash flow in the prior corresponding period, the trailing twelve month resul of CN¥167m would seem to be a step in the right direction. However, that's not all there is to consider. The accrual ratio is reflecting the impact of unusual items on statutory profit, at least in part.
Sun.King科技集团截至2021年12月的年度应计比率为-0.11。这表明其自由现金流远远高于其法定利润。事实上,在过去的12个月里,该公司报告的自由现金流为1.67亿加元,远高于其报告的利润1550万加元。鉴于Sun.King科技集团上一季度的自由现金流为负,后续12个月的1.67亿元人民币的业绩似乎是朝着正确的方向迈出了一步。然而,这并不是需要考虑的全部问题。应计比率反映了不寻常项目对法定利润的影响,至少在一定程度上是这样。
Note: we always recommend investors check balance sheet strength. Click here to be taken to our balance sheet analysis of Sun.King Technology Group.
注:我们总是建议投资者检查资产负债表的实力。点击此处查看我们对Sun.King科技集团的资产负债表分析。
How Do Unusual Items Influence Profit?
不寻常的项目如何影响利润?
Surprisingly, given Sun.King Technology Group's accrual ratio implied strong cash conversion, its paper profit was actually boosted by CN¥5.3m in unusual items. While we like to see profit increases, we tend to be a little more cautious when unusual items have made a big contribution. We ran the numbers on most publicly listed companies worldwide, and it's very common for unusual items to be once-off in nature. Which is hardly surprising, given the name. Assuming those unusual items don't show up again in the current year, we'd thus expect profit to be weaker next year (in the absence of business growth, that is).
令人惊讶的是,考虑到Sun.King科技集团的应计比率意味着强劲的现金转换,其账面利润实际上得到了530万元人民币异常项目的提振。虽然我们喜欢看到利润增加,但当不寻常的项目做出了很大贡献时,我们往往会更加谨慎。我们对全球大多数上市公司进行了统计,不寻常的项目在性质上是一次性的,这是非常常见的。考虑到这个名字,这并不令人惊讶。假设这些不同寻常的项目在本年度不会再次出现,我们因此预计明年的利润会更弱(也就是说,在没有业务增长的情况下)。
Our Take On Sun.King Technology Group's Profit Performance
我们对Sun.King科技集团盈利表现的看法
In conclusion, Sun.King Technology Group's accrual ratio suggests its statutory earnings are of good quality, but on the other hand the profits were boosted by unusual items. Based on these factors, we think it's very unlikely that Sun.King Technology Group's statutory profits make it seem much weaker than it is. If you want to do dive deeper into Sun.King Technology Group, you'd also look into what risks it is currently facing. For example, we've found that Sun.King Technology Group has 3 warning signs (1 can't be ignored!) that deserve your attention before going any further with your analysis.
总而言之,Sun.King Technology Group的应计比率表明,其法定收益质量良好,但另一方面,利润受到不寻常项目的提振。基于这些因素,我们认为Sun.King科技集团的法定利润不太可能让其看起来比实际情况弱得多。如果你真的想更深入地研究Sun.King科技集团,你还应该调查它目前面临的风险。例如,我们发现Sun.King科技集团有3个警示标志(1个不容忽视!)在进一步分析之前,这一点值得你注意。
In this article we've looked at a number of factors that can impair the utility of profit numbers, as a guide to a business. But there is always more to discover if you are capable of focussing your mind on minutiae. Some people consider a high return on equity to be a good sign of a quality business. So you may wish to see this free collection of companies boasting high return on equity, or this list of stocks that insiders are buying.
在这篇文章中,我们研究了一些因素,这些因素可能会削弱利润数字作为企业指南的效用。但如果你有能力将注意力集中在细枝末节上,总会有更多的东西需要发现。一些人认为,高股本回报率是高质量企业的良好标志。所以你可能想看看这个免费拥有高股本回报率的公司的集合,或内部人士正在购买的这份股票清单。
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.
This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
对这篇文章有什么反馈吗?担心内容吗?保持联系直接与我们联系。或者,也可以给编辑组发电子邮件,地址是implywallst.com。
这篇由《华尔街日报》撰写的文章本质上是笼统的。我们仅使用不偏不倚的方法提供基于历史数据和分析师预测的评论,我们的文章并不打算作为财务建议。它不构成买卖任何股票的建议,也没有考虑你的目标或你的财务状况。我们的目标是为您带来由基本面数据驱动的长期重点分析。请注意,我们的分析可能不会将最新的对价格敏感的公司公告或定性材料考虑在内。简单地说,华尔街在提到的任何股票中都没有头寸。
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moomoo是Moomoo Technologies Inc.公司提供的金融信息和交易应用程序。
在美国,moomoo上的投资产品和服务由Moomoo Financial Inc.提供,一家受美国证券交易委员会(SEC)监管的持牌主体。 Moomoo Financial Inc.是金融业监管局(FINRA)和证券投资者保护公司(SIPC)的成员。
在新加坡,moomoo上的投资产品和服务是通过Moomoo Financial Singapore Pte. Ltd.提供,该公司受新加坡金融管理局(MAS)监管(牌照号码︰CMS101000) ,持有资本市场服务牌照 (CMS) ,持有财务顾问豁免(Exempt Financial Adviser)资质。本内容未经新加坡金融管理局的审查。
在澳大利亚,moomoo上的金融产品和服务是通过Futu Securities (Australia) Ltd提供,该公司是受澳大利亚证券和投资委员会(ASIC)监管的澳大利亚金融服务许可机构(AFSL No. 224663)。请阅读并理解我们的《金融服务指南》、《条款与条件》、《隐私政策》和其他披露文件,这些文件可在我们的网站 https://www.moomoo.com/au中获取。
在加拿大,通过moomoo应用提供的仅限订单执行的券商服务由Moomoo Financial Canada Inc.提供,并受加拿大投资监管机构(CIRO)监管。
在马来西亚,moomoo上的投资产品和服务是通过Moomoo Securities Malaysia Sdn. Bhd. 提供,该公司受马来西亚证券监督委员会(SC)监管(牌照号码︰eCMSL/A0397/2024) ,持有资本市场服务牌照 (CMSL) 。本内容未经马来西亚证券监督委员会的审查。
Moomoo Technologies Inc., Moomoo Financial Inc., Moomoo Financial Singapore Pte. Ltd., Futu Securities (Australia) Ltd, Moomoo Financial Canada Inc.,和Moomoo Securities Malaysia Sdn. Bhd.是关联公司。
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